Investing in Exuma

Exuma is a string of islands and cays, home to forgotten hideaways, natural harbors, secluded beaches and a coastline of over a hundred miles of clear, blue water. Exuma is a nature lover’s paradise preserved in its original pristine setting. In recent years, The Bahamas has become one of the world’s financial centers, with over 400 banks located in Nassau, its capital. The country’s open economic policy has drawn capital from around the world, and is now a hot real estate market. Bahamas property has become of great interest to investors and a haven for those wanting to own private homes surrounded by the wonders of nature. Local realtors see no end in sight with regards to the increasing demand for Bahamas property.

Buying Bahamas property

In 1993, the Bahamas government enacted a law encouraging non-Bahamians to acquire real estate in any of the 21 districts. It also allows property owners and their dependents to apply for an annual resident card or permanent residency. It is now easier than ever to own a piece of Caribbean paradise. Contact one of the country’s numerous realtors to help you find that perfect spot. Visit The Bahamas Real Estate Association for a complete list of certified agents and details on purchasing Bahamas property. Prior Government approval is not required for non-Bahamians who want to purchase residential properties of less than five acres, although they are required to be registered with the Investments Board and the Central Bank. Another option is to buy property directly at a development. On the island of Great Exuma for example, see Oceania Properties (http://www.oceaniaproperties.com/), February Point (http://www.februarypoint.com/), or Crab Cay (http://www.crabcay.com/) for some luxury properties.

An enticing investment

As the world’s premier tax haven, The Bahamas offers the perfect investment opportunity as there is no personal, corporate, income, capital gains, estate, gift or inheritance taxes. Easy access to major world markets, as well as political stability and security are the advantages of business in The Bahamas. Investors are also attracted to the stability of the economy, which is steadied by the solid value of the Bahamian dollar (pegged to the U.S. dollar on a 1:1 ratio).

The benefits of renting

Having a corporate or personal address in the Bahamas provides opportunities to live an exclusive island lifestyle while generating tax-free income. As you enjoy the benefits of a vacation home in The Bahamas, your investment appreciates. When you are not there basking in the sun, you can consider renting out your Bahamas property. The rental segment of the market is huge as many visitors flock to the islands every year in search of a little rest and relaxation. Luxury condos, houses and villas generate top dollars for their owners. Many realtors and property managers agree that renting a property is a great idea since it helps the owners defray some of the costs associated with owning and maintaining their properties. There are rental pools that you can join whereby property managers will oversee all of the administrative details associated with renting. You have no worries, no headaches, and best of all, your home in the sun is well-maintained and available to you at the drop of a hat.

In order to preserve the culture and tranquility of the island, Exuma has regulated that no more than 30% of the island may be developed. Luxury rental properties in Exuma generally offer complete privacy, are exquisitely furnished, and include first-rate amenities. Purchasing a Bahamas property either as a vacation destination or as a rental property offers the advantages of numerous commercial flights, private airports, and close proximity to the United States. Feel right at home in The Bahamas.

copied from walt-disneycruise.com

Where to Buy Property in The Bahamas

With 20 major islands to choose from, deciding where to buy real estate in the Bahamas can be overwhelming. This quick primer will make it easy to find the island that best fits your tastes and budget.
Nassau and Freeport
The cities of Nassau on New Providence Island and Freeport on Grand Bahama are the only choices for buyers who want urban or suburban surroundings and the amenities that come with it–extensive shopping, a wide array of cultural opportunities, hospitals, multiple golf courses, and direct flights to many major airports.
New Providence, a small island dominated by Nassau and its suburbs, is home to 215,000 people—fully three-fourths of the Bahamas’ population. Nassau has a busy downtown with both modern and historic architecture, and on the outskirts, a strip of high-rise hotels and casinos along Cable Beach. Paradise Island, connected to New Providence by a bridge, is home to the gargantuan Atlantis and other resorts. New Providence and Paradise Island have many gated subdivisions and townhouse developments, as well as high-rise condominiums. On average, real estate prices here are much more expensive than elsewhere in the Bahamas. Expect to spend $1. 5 million for a typical canal-front house in one of the popular gated communities. A one-acre beachfront lot (the yardstick we will use throughout this article) would cost at least $3 million.
Grand Bahama, the northernmost of the major Bahamian islands, has a population of 50,000, the greatest part in and around Freeport. Grand Bahama is almost 100 miles long, however, and unlike New Providence, has less populated regions with deserted beaches and tropical pine forests. Lucaya, the residential area of Freeport, has a vast network of interconnected canals lined with thousands of home lots. Canal-front lots are reasonably priced–in the $125,000 to $250,000 range. One-acre beachfront lots in Lucaya sell for $1. 5 million and up.
The Out Islands

After Freeport, the largest “city” in the Bahamas is Marsh Harbour, with a population of only 5000. And the majority of settlements in the Bahamas are even smaller, with just a few hundred souls. This is the world of the Out Islands—large areas of untouched land with the occasional house or small village.

Abaco and Exuma
The Abacos and Exumas are not adjacent physically, but they have much in common. They are the most popular yachting destinations in the Bahamas, and their islands and cays provide beautiful cruising grounds. Abaco and Exuma are better known than the other Out Islands, and they each have several major resort developments. Prices are therefore higher. One-acre beachfront lots on Great Exuma are selling in the $1-2 million range. Abaco has prices in this range as well, but also less expensive beachfront in some locations.
Bimini
Hemingway made his “island in the stream” famous as a center of deep-sea fishing, and it remains so today. Bimini is also just 50 miles from the east coast of Florida, which ensures a good yachting crowd. Bimini has one major resort development, Bimini Bay Resort and Casino. Bimini Bay has no casino, but it does offer condos with boat slips in the $600,000 range. The only beachfront lot listed on Bimini, for comparison purposes, is a 2. 7 acre parcel for $1. 7 million.
Eleuthera
With sixty miles of beaches and only a few dozen hotel rooms, Eleuthera is a paradise for beach lovers who enjoy privacy and unspoiled natural beauty. Eleuthera has four major resorts planned or underway, but none is near completion yet, and overall, the island is still rustic and relatively unknown. Eleuthera is therefore less expensive than Abaco and Exuma–one-acre beachfront lots sell in the $500,000 range. With a population of 8000 and close proximity to resort-rich Harbour Island, Eleuthera has good infrastructure, stores, and services. If and when Eleuthera’s nascent resorts succeed, prices may catch up to Exuma and Abaco. For more information about Eleuthera and its real estate, click here.
Andros, Cat Island, Long Island

These three islands are the next step up in remoteness and the next step down in name recognition, infrastructure, services, and prices.
Andros is said to be the largest unexplored landmass in the hemisphere. The island’s interior is home to the six-foot iguanas, the rare Bahamian boa constrictor, and who knows what else. The east coast of the island, the only populated area, has scattered villages and miles of deserted beaches. For those not afraid of who-knows-what-else, beachfront lots on Andros are selling in the $200,000 to $250,000 range.
Fifty miles long and with a population of only 1600, Cat Island is one place where you’ll never have to wait in line. Cat has many miles of spectacular pink-sand beaches and several delightful boutique resorts. A one-acre beachfront lot will set you back $350,000-400,000.
The aptly named Long Island is 96 miles long and only seven miles wide at its widest point. Long Island has a varied topography ranging from hills and cliffs in the north, to flatlands in the south. Deadman’s Cay, the commercial center, is fairly well equipped, with a medical clinic, banks, and well-stocked food stores. Prime beachfront lots on the island sell for $375,000, and lots on a narrower beach are currently selling for as little as $185,000.
San Salvador, Acklins, Crooked Island, Mayaguana, Inagua
For the true pioneers among you, these islands are farther south, more remote, and less populated. But the prices are tempting. A four-acre beachfront lot on Crooked Island is selling for $525,000—95% less than you would pay in Nassau

Property Market in Bahamas

Although sales in the Bahamas’ second home market were soft last year, the decline
was not nearly as bad as anticipated, according to Prime Minister Hubert Ingraham.
So it’s good to know that while big business was unfortunately particularly vulnerable to the global downturn, private Bahamas real estate sales went ahead, albeit at a slower pace.
Mr. Ingraham noted that second home sales in the Bahamas islands of Nassau, Abaco and Grand Bahama were the most resilient.
It’s expected that the second home and rental market will improve along with the US economy.
Investments in other areas of the Bahamas will also have a positive affect on the demand for Bahamas real estate.
A number of large international companies have been given the green light to open corporate headquarters, sales offices and training facilities in the Bahamas.
This includes Swiss watchmaker Rolex (Caribbean), which has received permission to locate its watch making and repair training centre in Nassau, Bahamas.
Also, Oldcastle Building Products (Caribbean) is to locate its sales office for the region and North America to Nassau.
And Brimac Environmental Group received approval to transfer its corporate headquarters to the Bahamas.
In Exuma, the opening of the new luxury 183 room Sandals Resort has
created jobs for 300 Bahamians.
The nearby Grand Isle Resort and Spa, with its magnificent golf and ocean-front villa-only beach resort of luxury villas and penthouses, is poised to benefit.
In Andros, the small boutique Tiamo Resort is set to be relaunched on Andros Island the upscale Delphi Club in South Abaco scheduled to open in April.
The multi-million dollar luxury golf and marina resort, Albany, in south
western Nassau is moving ahead.
And the $75 million first phase of the Caves Heights condo development
on beautiful West Bay St in Nassau is almost complete.
Mr. Ingraham is hopeful that a number of stalled tourism will kick back into life this year.
And so, while Bahamas real estate has been impacted by the worldwide recession, the economic engine, although sluggish, is still chugging along.

Property Prices in Bahamas

Although sales in the Bahamas’ second home market were soft last year, the decline
was not nearly as bad as anticipated, according to Prime Minister Hubert Ingraham.
So it’s good to know that while big business was unfortunately particularly vulnerable to the global downturn, private Bahamas real estate sales went ahead, albeit at a slower pace.
Mr. Ingraham noted that second home sales in the Bahamas islands of Nassau, Abaco and Grand Bahama were the most resilient.
It’s expected that the second home and rental market will improve along with the US economy.
Investments in other areas of the Bahamas will also have a positive affect on the demand for Bahamas real estate.
A number of large international companies have been given the green light to open corporate headquarters, sales offices and training facilities in the Bahamas.
This includes Swiss watchmaker Rolex (Caribbean), which has received permission to locate its watch making and repair training centre in Nassau, Bahamas.
Also, Oldcastle Building Products (Caribbean) is to locate its sales office for the region and North America to Nassau.
And Brimac Environmental Group received approval to transfer its corporate headquarters to the Bahamas.
In Exuma, the opening of the new luxury 183 room Sandals Resort has
created jobs for 300 Bahamians.
The nearby Grand Isle Resort and Spa, with its magnificent golf and ocean-front villa-only beach resort of luxury villas and penthouses, is poised to benefit.
In Andros, the small boutique Tiamo Resort is set to be relaunched on Andros Island the upscale Delphi Club in South Abaco scheduled to open in April.
The multi-million dollar luxury golf and marina resort, Albany, in south
western Nassau is moving ahead.
And the $75 million first phase of the Caves Heights condo development
on beautiful West Bay St in Nassau is almost complete.
Mr. Ingraham is hopeful that a number of stalled tourism will kick back into life this year.
And so, while Bahamas real estate has been impacted by the worldwide recession, the economic engine, although sluggish, is still chugging along.

Benefit of Owning Property in Exuma

WARNING: The advantages to owning a property on Great Exuma are numerous. Many homeowners on Great Exuma say that although they came back to the island because of things like the awesome climate, the welcoming and open people and all of the exciting things that they can do while they are there, one of the main reasons that they first decided to purchase property here was for the investment value. Experts and visitors agree that it is getting more and more difficult to find places that offer all of the advantages of a first-class location without getting “too touristy”. It seems as though Great Exuma has achieved that delicate balance. If you are looking for an alternative to stocks and bonds that provides a solid investment as well as enjoyment, the luxury villas on Great Exuma will exceed your expectations. An investment in a home on Great Exuma offers tranquility, beautiful surroundings and a return on your initial outlay. Other advantages to owning a villa on Exuma: Income potential (rent it out when you aren’t there). Some investors buy a home and rent it out year round. Instead of vacationing in a hotel, it is your home (you can do what you want, when you want) You can invite friends and family to stay with you You can become part of the local scene You know what to bring and/or you can leave your things there (no packing!) The lifestyle is more slower-paced than at home How cool would you feel inviting that hotty to your “Villa in the Bahamas”! You always have somewhere to go if you just want to “get away”

Win $10,000 for sending an e mail

The decision has been made. We have decided to sell our luxury waterside home in Exuma. To sell the property we are asking for your help, and in return you could win $10,000.

The home is called Highclere House and the details are to be seen on www.welcometoexuma.com/for_sale.html and on the properties page of this blog

How can you win $10,000?

Send an e mail to anyone you think would be interested in purchasing a luxury furnished home on the Bahamian island of Exuma. Tell them where the details are to be found. Send a copy (cc) to exumadolphin@yahoo.com. That is all you have to do.

When the home is sold we will go through the e mails and see who recommended the property to the purchaser. That person will win the $10,000 reward.

If more than one person recommended the property to the purchaser, the winner will be the one whose e mail has the earlier date.

To save you time we have set out below a suggested text for the e mail. Cut and paste into your e mail form and don’t forget to add exumadolphin@yahoo.com   in the copy file…..

“Dear ……..

I found  a luxury property  located by the ocean in Great Exuma in The Bahamas, which I thought might be of interest to you as a second home. The full details are on www.welcometoexuma.com/for_sale.html.”

GOOD LUCK

More details of this beautiful home can be found on the PROPERTIES page of this blog…check it out.

Offer does not apply if other commissions are involved

Ultimate Escapes

So you want to buy an Island

from a story by Phillip Cotton in Southern Boating

With more than 700 islands in its realm, the Bahamas always has an island or 20 for sale. They range from tiny 1.5 acre Carrington Cay to sprawling 700-acre Little Ragged Island.
Among your first questions must be raw or developed, inhabited or deserted? Do you feel like Robinson Crusoe, ready to make the first footprints in the sand, or do you want to take advantage of a previous owner’s efforts? According to Alexis Pappas of Toronto-based Private Islands, Inc., developed islands are the most popular because the previous owners have already obtained development permits. “An island over 10 acres must have its development plan approved by the government, and if it falls within any of the national parks, there are certain restrictions,” she said. “Just because you own the island doesn’t exempt you from local laws.”
Today’s island owners are a mixed bag of old-fashioned colonial types with outpost of empire lifestyles and hip celebrities who want a chance to live and party out of the public eye. Some, such as David Copperfield, are entrepreneurs. His 130-acre Musha Cay 85 miles southeast of Nassau, is the ultimate in swanky tropical decadency. You can rent the entire island with accommodations for up to 24 of your closest friends for around $50,000 per night, including five boats and 30 staff.
Other islands, such as the one owned by Johnny Depp, are simply private escapes. He fell in love with the concept of owning an island after developing an acquaintance with Marlon Brando, who owned an island in the South Pacific. After making “Pirates of the Caribbean,” he sought his own island in the sun and is building an eco-friendly infrastructure there. Like Nicolas Cage, he picked an island within the Exumas National Park and has renamed it various things including Stay-Away Cay. Eddie Murphy is more into the nightlife, and his 15.4 acre island is just five minutes by speed boat from Nassau.

If something between remote and urban is your desire, try locating near George Town, Exuma. You can be remote and yet close to an airport with daily service, UPS, Fed Ex, and even a Four Seasons Resort with an investment of $3 million in the Moss Cays, three little islands totaling three acres in Elizabeth Harbour. Two of the islands are undeveloped and there’s a simple dwelling on the largest one.

Leaf Cay,  is an Exumas property encompassing 19 buildings on its 25 acres. Undeveloped Cabbage Cay (above) near North Eleuthera has been platted for 23 homes. It’s reportedly under contract for $2.5 million.

Islands under 30 acres are typically sought for private homes or family compounds while those over 30 acres have appeal to developers for commercial purposes. Alexis’ pick for the hottest property at the moment is 360-acre Stranger’s Cay in the northern Abacos. “It’s undeveloped but priced under five million and has no substantial development restrictions,” she said.
For those under 30-somethings, expect to pay $2 to $7 million. With property taxes at one percent of the purchase price, the largest annual costs are for maintenance–the largest shares of that for landscaping and utilities. While some little private islands are close enough to their developed neighbors to import utilities through underground cable and pipe, the remote islands require their own electrical and desalination systems. And for those who want or need a full-time caretaker, add the average $30,000 to $40,000 annual salary.